I hope to use REI as a vehicle to teach them about the value of hard work, money management, and investing ... my thought that these lessons will be much more valuable than the assets themselves.

I would suggest your decision to join a REIA is similar to buying a new vehicle.

I, like many others here, see real estate as a vehicle to provide for my family for many years to come, while allowing me to spend quality time with my family.

IRR is one of the most important metrics you can find for any investment vehicle.  

If you cannot do this, either because of geography, knowledge, time, etc, you should also consider other forms of investment - not saying you shouldn't invest in real estate, only that using a PM company will make your returns a little closer to other vehicles. 

The owner had passed away about a year ago and family members are now selling the property.In the Garage is a vehicle that belongs to the bank.

There is no guarantee that the next tenants will be better or get along better.Examples:Operation, Maintenance, Storage, Alterations to Premises: On a continuing basis, tenant agrees to: Keep premises in a clean, neat, and sanitary condition; no parking, storage, or accumulation of debris on lawn or yard.Not store non-operating vehicles, nor boats, RV’s, motor cycles, trailers, firearms, equipment, tools, hazardous materials, liquids, paints, fuels/oils or chemicals on premises without landlord/agent approval; no waterbeds

I would also like to know that if you take a HELOC out on the property, what form or vehicle of investments would allow me to place multiple offers on different projects?

Road salt is brutal on a vehicle around here.

I would suggest your decision to join a REIA is similar to buying a new vehicle.